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21.03.2019 Business & Finance

Gov’t To Continue Benefiting From IMF Advice Despite Eminent Exit 

By Eric Nana Yaw Kwafo
Gov’t To Continue Benefiting From IMF Advice Despite Eminent Exit 

Finance Minister Ken Ofori-Atta has revealed that Ghana will continue to benefit from advice from the International Monetary Fund (IMF) despite the country’s eminent exit.

On Wednesday, 20 March 2019, the Executive Board of the IMF completed the seventh and eighth reviews under the Extended Credit Facility (ECF) arrangement with Ghana – a lending arrangement that provides sustained programme engagement over the medium- to long-term in case of protracted balance of payments problems.

Following a successful meeting with representatives of the IMF, Ken Ofori Atta in an interview with Journalist on the sidelines declared that President Akufo-Addo’s vision of achieving a Ghana beyond aid is now even clear. According to him, despite the fact that Ghana is not going to receive money from the IMF anyomore, we will still benefit from their good advice which will go a long way to help us stand on our own feet.

“What I think we have really proven over this period, the clarity of President Akufo-Addo’s vision of a Ghana beyond aid. So the principal of going alone. Being sovereign and independence is very clear”

“However we have had a great relationship these two years with the fund and so we move back to Article 4. It’s now a 12 months review in which they come in every 6 months

“We have also establish an economic policy coordinating committee in which they will sit in. So the sense of the IMF as a trusted advisor is something that we will go on with only that there is no money at the end of the table. But the regal of review, etc will continue and I think that’s a healthy relationship”, Finance Minister Ken Ofori-Atta shared.